A multiple peril contract for owners or occupants of dwellings, generally including fire, theft and liability coverage. A homeowner’s policy is a package policy combining many additional types of coverage not included in basic fire policies.
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Extended Term Insurance
A provision in most policies which provides the option of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract’s cash value will purchase. This is one of the non-forfeiture options available to the insured in case a premium is not paid within the grace period. See also Non-forfeiture Values.